YEREVAN, June 26. /ARKA/. In 2016 Armenia’s Central Bank released a total of 28.9 billion drams to finance mortgage programs, Central Bank chairman Arthur Javadyan said on Monday during a parliamentary discussion on 2016 state budget execution. He said the bulk of the money- 22.9 billion drams- were channeled into the credit organization "Apartments for Young Families."

He said the funds were used to provide housing to civil servants, young families, military servicemen and young professionals. He said the other 6 billion drams were provided to the National Mortgage Company as part of a mortgage refinancing program.

In total, according to the head of the Central Bank, 97% of the funds earmarked as its administrative expenses for 2016 were executed, falling to 6.8 billion drams instead of the projected 7.06 billion drams.

"The bulk of the Central Bank's spending constituted of staff salaries, social payments, hospitality expenses, maintenance of cars and publication of necessary materials," Javadyan said.

He said in 2016 the Central Bank allocated 56 million drams for the purchase and repair of vehicles. ($ 1 - 480.45 drams). --0--